Steven Hoffenberg

Settlement Reached in Towers Fraud Case: Steven Hoffenberg, who headed Towers Financial Corp., agreed to pay more than $516.5 million to settle fraud charges brought by securities regulators and a bankruptcy trustee. The Securities and Exchange Commission alleged that Hoffenberg cheated thousands of people out of about $500 million between 1987 and 1993 by misrepresenting the financial condition of the company.

A federal judge in New York plans to sentence financier Steven Hoffenberg, accused of masterminding the biggest financial swindle in U.S. history, to 20 years in prison and order him to pay $476 million in restitution. U.S. District Judge Robert Sweet said in an opinion made public Wednesday that he plans to sentence Hoffenberg on Friday for causing thousands of victims to lose half a billion dollars. Hoffenberg, 52, had headed Towers Financial Corp.

Potential N.Y. Post Buyer Accused of Fraud: The Securities and Exchange Commission tried to freeze the assets of businessman Steven Hoffenberg, charging that the would-be publisher of the New York Post fraudulently sold more than $215 million in unregistered securities. The SEC said his victims included widows, disabled people and pensioners.

Fraud Defendant Asks to Withdraw Guilty Plea: Steven Hoffenberg told a judge that he was mentally unfit when he pleaded guilty to conspiracy and fraud charges last year. It was unclear whether Hoffenberg still considers himself mentally incapacitated. Hoffenberg's sentencing date was postponed till next month to allow a psychiatric examination. He allegedly sold more than $450 million in fraudulent notes and bonds and used money from later investors to pay previous ones.

Hoffenberg Firm in Bankruptcy Filing: Towers Financial Corp., a bill collection company headed by spurned New York Post bidder Steven Hoffenberg, has filed for bankruptcy protection. The filing affects about $215 million of Towers Financial notes. The move comes on the heels of a similar filing by five affiliates of Towers Financial, which sought Chapter 11 protection in Manhattan bankruptcy court earlier in the week. Those affiliates had about $200 million in bonds.

A federal judge in New York plans to sentence financier Steven Hoffenberg, accused of masterminding the biggest financial swindle in U.S. history, to 20 years in prison and order him to pay $476 million in restitution. U.S. District Judge Robert Sweet said in an opinion made public Wednesday that he plans to sentence Hoffenberg on Friday for causing thousands of victims to lose half a billion dollars. Hoffenberg, 52, had headed Towers Financial Corp.

Steven Hoffenberg, the former head of scandal-ridden Towers Financial Corp. and once a suitor for the New York Post newspaper, was arrested Thursday and charged with securities fraud and obstruction of justice. The criminal charges relate to a civil suit filed last year by the Securities and Exchange Commission that accused Hoffenberg and Towers, now in bankruptcy, of using false financial statements to sell more than $400 million in securities.

Financier Steven Hoffenberg, accused of running one of the biggest Ponzi schemes in history, pleaded guilty Thursday to defrauding thousands of Steven Hoffenberg investors in California and nationwide of about $500 million. Hoffenberg, who headed the scandal-ridden Towers Financial Corp., pleaded guilty in U.S. District Court in Manhattan to five counts of securities fraud, tax evasion and obstruction of a Securities and Exchange Commission inquiry.

The New York Post's future remained in limbo Friday even though a federal bankruptcy judge approved its sale to acting Publisher Steven Hoffenberg. Judge Burton Lifland said there was "no viable alternative" to Hoffenberg's offer, which involves no cash but the assumption of the Post's debts, which total at least $25 million. Lifland is overseeing the personal bankruptcy of Post owner Peter Kalikow. But Friday's hearing made it clear that Hoffenberg may not be financially viable either.

The New York Post narrowly escaped shutdown Sunday night when a controversial financier, who repeatedly has been investigated by federal and state regulators, agreed to buy the struggling tabloid. Steven Hoffenberg, 48, chairman of Towers Financial Corp., a Manhattan-based finance and collection company, plans to buy the paper from bankrupt owner Peter Kalikow. The deal still must be approved by Bankers Trust, the Post's principal creditor, which cut off its credit last week.

Financier Steven Hoffenberg, accused of running one of the biggest Ponzi schemes in history, pleaded guilty Thursday to defrauding thousands of Steven Hoffenberg investors in California and nationwide of about $500 million. Hoffenberg, who headed the scandal-ridden Towers Financial Corp., pleaded guilty in U.S. District Court in Manhattan to five counts of securities fraud, tax evasion and obstruction of a Securities and Exchange Commission inquiry.

Steven Hoffenberg, the former head of scandal-ridden Towers Financial Corp. and once a suitor for the New York Post newspaper, was arrested Thursday and charged with securities fraud and obstruction of justice. The criminal charges relate to a civil suit filed last year by the Securities and Exchange Commission that accused Hoffenberg and Towers, now in bankruptcy, of using false financial statements to sell more than $400 million in securities.

Hoffenberg Firm in Bankruptcy Filing: Towers Financial Corp., a bill collection company headed by spurned New York Post bidder Steven Hoffenberg, has filed for bankruptcy protection. The filing affects about $215 million of Towers Financial notes. The move comes on the heels of a similar filing by five affiliates of Towers Financial, which sought Chapter 11 protection in Manhattan bankruptcy court earlier in the week. Those affiliates had about $200 million in bonds.

Pete Hamill, the New York Post's editor-icon, returned to work at the tabloid Tuesday, grinning at the cheers of his newsroom colleagues and declaring that he intended to get out a paper. "Pete! Pete! Pete!" chanted dozens of Post reporters and editors as Hamill returned to his office. "Let's go," he told the assembled staffers.

The New York Post's future remained in limbo Friday even though a federal bankruptcy judge approved its sale to acting Publisher Steven Hoffenberg. Judge Burton Lifland said there was "no viable alternative" to Hoffenberg's offer, which involves no cash but the assumption of the Post's debts, which total at least $25 million. Lifland is overseeing the personal bankruptcy of Post owner Peter Kalikow. But Friday's hearing made it clear that Hoffenberg may not be financially viable either.

Potential N.Y. Post Buyer Accused of Fraud: The Securities and Exchange Commission tried to freeze the assets of businessman Steven Hoffenberg, charging that the would-be publisher of the New York Post fraudulently sold more than $215 million in unregistered securities. The SEC said his victims included widows, disabled people and pensioners.

Pete Hamill, the New York Post's editor-icon, returned to work at the tabloid Tuesday, grinning at the cheers of his newsroom colleagues and declaring that he intended to get out a paper. "Pete! Pete! Pete!" chanted dozens of Post reporters and editors as Hamill returned to his office. "Let's go," he told the assembled staffers.

The New York Post narrowly escaped shutdown Sunday night when a controversial financier, who repeatedly has been investigated by federal and state regulators, agreed to buy the struggling tabloid. Steven Hoffenberg, 48, chairman of Towers Financial Corp., a Manhattan-based finance and collection company, plans to buy the paper from bankrupt owner Peter Kalikow. The deal still must be approved by Bankers Trust, the Post's principal creditor, which cut off its credit last week.